Word: shared
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Dates: during 1930-1939
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...year of violent change for 63-year-old Boss Groesbeck. Its turning point was the Supreme Court's decision against Electric Bond & Share in its test case on the Public Utility Holding Company Act. Groesbeck saw the handwriting on the wall, quit beating his head against it. Promptly, Bond & Share registered with SEC. Holding company service subsidiaries had frequently been charged with bleeding operating companies. So Bond & Share forfeited all income (about $800,000 a year) from its management firm (Ebasco Services, Inc.), which began servicing the system's operating units at cost. Next, Groesbeck pulled...
...Three U. S. utility magnates, Floyd Carlisle (Niagara Hudson and Consolidated Edison) and Wendell Willkie (Commonwealth & Southern), are lawyers Only C. (for Clarence) E. (for Edward) Groesbeck (Electric Bond & Share) is an operating man, trained climbing poles instead of chasing commas. Hard-boiled Mr. Groesbeck, who goes his own way, is also different in another respect. He figures that the Administration has the money and the power, that there is more percentage in trading with the New Deal than in bucking it. Last week this notion of his began to pay dividends...
Homeward bound on the Pennsylvania one night, an idea struck him. In the arid west, where the U. S. Bureau of Reclamation has for years provided water and sometimes generated power as a byproduct, Bond & Share units have bought this public power and transmitted it to their own customers over their own lines. Why could not Bond & Share keep Bonneville and Grand Coulee from building transmission lines by the same means? Why not buy their power and distribute it, dovetailing public power plants with private transmission lines and private meters...
...their report to the President the Trustees noted that it "suggests a new line of approach to ... coordination of Government power enterprises with private power systems. ..." They thought it opportune" that their proposal for cooperation "follows so closely upon the annual report of Chairman Groesbeck of Electric Bond & Share...
Next move was Groesbeck's. In eastern Washington, Bond & Share's small Washington Water Power Co. (450 miles of lines) has been threatened with competition from giant U. S. power plants at both Grand Coulee and Bonneville. Last month it sold $22,000,000 of 3½% 25-year bonds for refunding and new construction at the gilt-edged price of 105. Unworried investors gobbled up the issue...